It seems that the price of Bitcoin fell asleep near the 30,000 mark. The BTC/USD pair has been trading along this mark for more than dozen days. We can see that the bears are stopping any attempt by the price to gain a foothold above 30,000. The bulls are also preventing the bears from sending the price of Bitcoin well below 30,000. At the same time, the BTC price continues to move in a triangle. It is constantly narrowing, and soon we will see a breakdown in one direction or another.
Now the level of 29,500 does not allow the pair to go lower. The BTC/USD pair has formed the immediate support around 29150. The next important support is located around 28,650. The bulls have a strong position around this support and will not let the pair drop. Here we will see an increase in buying, which will bring the BTC/USD pair back to 30,000.
On the other hand, the BTC/USD pair is facing immediate resistance around 30160. The next major resistance is near the $30,600 level. A move above this level will allow the pair to break out of the triangle and start rising. In this case, we expect the price of Bitcoin to rise to the area of 31200.
